No. Lazy loading tried to give a seamless experience while only loading as much as necessary and delaying loading non-essential until it’s needed.
Typically lazy loading is about delaying off screen content until it’s needed (ideally just before it’s needed). But in a way that ideally the user does not notice.
For example, if you lazy load ads you might reserve some space for an ad but not actually download or execute the JacaScript and ad content until the user scrolls near that bit of content. Ideally, the JS will still have time to download and execute before that bit of the page is shown, but even if that is not the case, the ad should pop in the space nicely and not interrupt the flow of the reader.
In this case you load the page, you start reading, you scroll down to read some more, multiple ad spop in, shifting all the content down, you lose your reading place, you scroll some more to try to find it again, more ads pop in - some covering the screen and have to be dismissed. You’re really lost and disorientated.
I’ve no idea about the effectiveness of this strategy from a revenue perspective, which may be more important to you, but from a user experience it’s a poor one. The CLS metric is specifically designed to measure when content unexpectedly shifts like this and includes these shifts which are caused by scrolling.
Ignoring the ads part the hamburger menu in the top right of the mobile screen has similar, but smaller issues. The menu is not shown initially (so initially the user has no idea you even have a menu!). In scroll it shows and shifts the button to the left a small fraction. The CLS impact here is small admittedly but the hiding of the menu until scroll seems like bad UX to me as it hides the fact there is a menu.
Saying that, delaying as much as possible can have a positive effect on loading time (measured by LCP) so seamless lazy loading is definitely a positive thing. The issue here is it’s not seamless.